Consing says all cases against him were dismissed

MANILA, Philippines — Newly appointed Maharlika Investment Corp. (MIC) president and chief executive officer Rafael Consing Jr. on Tuesday said there are no pending legal cases against him.

“All cases filed against me have been dismissed,” Consing said in a statement sent to Malacañang reporters, without elaborating.
Consing made the response after some individuals raised on social media the alleged fraud case involving him and his mother.

The MIC will manage the Maharlika Investment Fund, the country’s first sovereign wealth fund.
Consing will have a term of three years. As president and CEO, Consing – along with the rest of the board – has the primary responsibility of ensuring healthy investment returns from the fund.

Based on the revised implementing rules and regulations of Republic Act 11954, which established the MIF, a director of the board may be disqualified if he is convicted by final judgment or has pending administrative, civil or criminal cases related to fraud, plunder, corrupt practices, money laundering, tax evasion, etc.

Malacañang announced Consing’s appointment on Monday, a day before President Marcos leaves for a week-long working visit to the United States.

Prior to his latest appointment, Consing was the executive director of the Office of the Presidential Adviser for Investment and Economic Affairs.

In a statement on Monday, the Presidential Communications Office said Consing is expected “to play a pivotal role in enhancing the corporation’s investment strategies and contributing to the economic growth and prosperity of the Philippines.”

Under Section 21 of RA 11954, the secretary of finance will serve as the chairperson in ex-officio capacity of the MIC Board.
Other members of the board are the president and CEO of MIC, who will sit as the vice chairperson; the president and CEO of the Land Bank of the Philippines; president and CEO of the Development Bank of the Philippines; two regular directors and three independent directors from the private sector.

A provision in the revised IRR of the Maharlika law allows the President to reject the recommendation of the MIC advisory board on vacant posts and require the body to submit additional nominees.

Signed on July 18, the Maharlika law will promote fiscal stability through strategic and profitable investments in key sectors, according to Marcos’ economic managers.

The MIC is expected to have at least P75 billion in paid-up capital this year, with P50 billion sourced from the Land Bank of the Philippines and P25 billion from the Development Bank of the Philippines.

The wealth fund will be invested in a wide range of assets, including foreign currencies, fixed-income instruments, domestic and foreign corporate bonds, joint ventures, mergers and acquisitions, real estate and high-impact infrastructure projects and projects related to sustainable development.